Working from home may be the new reality after the coronavirus — and shopping from home, across borders and in other currencies may be too
In the Business Beyond Covid series, CEOs and other business leaders and experts in their sectors look to the future after Covid-19. What effect has the pandemic and resulting lockdown had on their industries and the SA economy as a whole? Which parts will bounce back first and which will never be the same again? Most importantly, they try to answer the question: where to from here?
Covid-19 has revealed, once again, that when times are tough, food and essentials still trump all. Unless human beings learn to again become self-sustainable on a macro-scale — growing our own produce, living off the land, and manufacturing our own soaps — retailers that trade in the essential food and household goods remains best positioned above the rest.
If the consumer’s behaviour was on a slow trajectory towards online and omni-channel shopping, the pandemic has, and probably will, further accelerate this. Social-distancing is most likely here for the medium term and one can presume if online sales are allowed, that such shopping behaviour will take off quite significantly. Most retailers have already reported exceptional increases in online shopping channels even though delivery will only occur after the lockdown.
The high cost of leasing mall space might be what further entices retailers to reduce their physical footprint and adopt a more aggressive omni-channel strategy to leverage their sales while reducing costs. Co-logistics and co-warehousing models might not be inconceivable either, where retailers share these expenses, as well as leveraging on each other’s supply to market.
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